Dec 4, 2009

Structured Settlements: Get Immediate Cash

Structured settlement is a contract that is applicable in case a personal injury is caused to someone due to negligence. In this case the defendant buys an annuity from a Life Insurance Company and promises to pay the injured party through a series of installments. These settlements have become immensely popular as all involved parties stand benefited. Structured settlements started in the US and Canada during the 70s and became a substitute for lump sum settlements.

Some benefits of structured settlement are that it provides financial security to a person because with the structured settlements, there is no risk of managing large amount of money and there is no chance that a person can exhaust all his funds as he will get only periodic payments. Cash for structured settlement is also exempt from federal income tax under the present tax law which is an added benefit. Not only this, structured settlement payments can be designed in a way that payments can be made over an extended period of time and if the recipient dies, his or her beneficiary gets a guaranteed portion of the settlement.

A person can also choose selling structured settlement and get immediate cash too. The need for cash can arise anytime and a person entitled to cash from structured settlements might need immediate cash for paying off any debts or loans, medical care or simply need money to buy something like a new house or car, for starting one's own business and so on.

In case a person does not want structured settlement payments and decides selling structured settlements, there are several insurance companies and others who can assist him by providing him cash for structured settlement. The party interested to buy structured settlements makes lump sum payments to the person selling structured settlements and deducts the interest and expenses for charges incurred.

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